Section 303.072 - Source of Payment(a) Bonds of a corporation are payable from revenue derived from public facilities or sponsor obligations. Bonds issued under this chapter are not an obligation or a pledge of the faith and credit of this state, a sponsor or other political subdivision of this state, or an agency of this state.(b) Each bond must contain on its face a statement that neither the faith and credit nor the taxing power of this state, the sponsor, except to the extent of the sponsor obligations, or another political subdivision of this state is pledged to the payment of the principal of or the interest on the bonds.Tex. Loc. Gov't. Code § 303.072
Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. 9/1/1999.